Dogecoin investors are feeling uneasy as Elon Musk faces another round of testimony. Following news that Musk, leader of the X platform, must testify again in a regulatory investigation related to his purchase of Twitter.
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Dogecoin’s value has taken a significant hit, dropping by 4.5%. This situation introduces uncertainty for Dogecoin, a cryptocurrency known for being influenced by Musk’s social media posts.

Dogecoin Faces Technical Challenges Amid Regulatory Concerns
Dogecoin has encountered resistance at the 50-day Exponential Moving Average (EMA), signaling a struggle for bulls to push the price higher. This level currently acts as a barrier for potential upward movements. Additionally, trading volume has been on a declining trend, indicating reduced interest or a consolidation phase, which could lead to further price fluctuations.

DOGE/USDT Chart by TradingView
Technical analysis highlights the 200-day EMA as the next critical support level for Dogecoin. If the price descends to this level, strong buying interest may emerge, potentially halting the decline and stabilizing the price.
Investor Concerns and Regulatory Implications
Investors are primarily concerned about the potential legal consequences of Elon Musk’s testimony. If Dogecoin is deemed a security during the proceedings, it could face stringent regulations, impacting its market performance and investor sentiment.
If Dogecoin maintains its position above the 200-day EMA and mitigates negative sentiment from Musk’s legal situation, it could experience a rebound. However, failing to hold the 200-day EMA support may lead to further declines toward lower support levels around $0.065.
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This situation underscores the significant influence of regulatory scrutiny on crypto assets, particularly those like Dogecoin, which have gained prominence partly through celebrity endorsements.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Axie Infinity’s co-founder proposed the idea of retaining Twitter but integrating a crypto wallet called “X” for spending and tipping creators.

Twitter is planning a major rebrand that involves replacing its well-known blue bird logo with an “X.” This change has generated mixed reactions from both regular Twitter users and the crypto community.

Elon Musk tweeted on July 23, suggesting that Twitter might undergo a rebranding to become “X,” signaling its transition towards becoming an “everything app.” The proposed changes include a potential shift to a black color scheme, the removal of Twitter’s blue bird logo, and adopting the name “X,” as indicated in Musk’s tweets and a poll.

The website used to access Twitter might also change, as X.com, the online address for Musk’s previous financial services startup, now redirects to Twitter.

Until recently, x.com was a simple website with just the letter “x” displayed, according to the Wayback Machine. Before that, it redirected to Musk’s Boring Company website. In the early 2000s, the URL pointed to PayPal and also displayed eBay’s corporate site for a period.

In March, Musk set up X Corp. as Twitter’s parent company, with the goal of creating a WeChat-like app.

Crypto Twitter Criticizes “Insane” Rebrand Decision

Proposed Twitter rebranding has received mixed reactions from Crypto Twitter users. Twitter has been a significant platform for the crypto community, generating over 1 billion crypto-related tweets between 2020 and 2022. Trust Machines marketing chief, Dan Held, called Twitter “iconic” and criticized Musk’s decision to rebrand as “insane.”

Some individuals have been resistant to the proposed X rebrand. Crypto blogger Tiffany Fong stated she would continue to call it “Twitter,” a sentiment that podcast host Peter McCormack also shared.

Mixed Reactions to Musk’s X Rebranding Proposal

However, there were also some supporters of the idea, noting that Musk’s vision has been to create a super-app since he left PayPal. They referenced Musk’s October tweet, suggesting that his purchase of Twitter was a step towards realizing his vision of creating X.

Others have been sharing their ideas for Musk’s X rebrand. Jeff “Jiho” Zirlin, the co-founder of Axie Infinity, proposed keeping the Twitter name while incorporating a crypto wallet called X, enabling users to spend and tip platform creators.

Twitter’s Future “X” App Hints and AI Integration

Twitter CEO Linda Yaccarino hinted about the upcoming “X” app on July 23, mentioning “unlimited interactivity,” support for various media formats, and payments and banking features, which align with Musk’s interest in cryptocurrencies. She also revealed the app’s integration with artificial intelligence, following Musk’s statement on using AI to detect public opinion manipulation.

The rebranding decision coincides with Musk’s acknowledgment on July 15 that Twitter’s advertising revenue had declined by 50% and the company was burdened with significant debt. The exact timeframe of the revenue drop is unknown.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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